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Starboard Value Takes 4.6% Stake in Perrigo, Worth Nearly $600 Million

The activist shareholder sent Perrigo a letter Sunday criticizing the company for failing to live up to performance targets it set while successfully fending off a $26 billion takeover offer last year from Mylan NV. A copy of the letter was reviewed by The Wall Street Journal.

Starboard, fresh off victory at Yahoo YHOO 1.26 % Inc., argues Perrigo management has been distracted by the merger fight and attempts to diversify away from its over-the-counter drugs business, a powerhouse in private-label medicines including versions of headache remedy Tylenol, heartburn aid Pepcid and allergy pill Claritin. Starboard argues the company should command a far higher stock-market value but has lost investor confidence...